Is an IVA the right way forward for me?
Many people enter into an IVA because they have a strong desire to repay the money they owe, but simply cannot afford to do so at the rate expected by their creditors.
Entering an IVA provides them with the opportunity to repay as much as they can afford for a fixed period, without the threat of legal action being brought against them.
At the end of the IVA, the debts are considered 'satisfied' and any outstanding balances still remaining after the successful completion of the IVA must be written-off by the creditors under the terms of the agreement.
In most circumstances, an IVA will allow a large percentage of the debt to be written-off, yet still provide the applicant with a sense of achievement rather than one of failure. They are able to hold their head high knowing they repaid as much as they could afford under the terms of the agreement, sanctioned by their creditors.
Who Qualifies For An IVA
Unfortunately, not everyone that wants to enter an IVA will actually qualify. Indeed, many people who want to apply will be unable to for one reason or another.
To be able to consider an IVA, you must be insolvent.
In general terms this means you must not have sufficient wealth or financial resource to be able to clear your debts through the liquidation or sale of your assets.
There are further qualifying criteria determined by your creditors. They control the minimum thresholds relating to debt levels and monthly contributions below which they consider an IVA no longer provides a suitable debt remedy for them.
In order to establish whether an IVA is a viable solution for you, it's advisable to have a consultation with a professional IVA adviser.
Finding the best solution
IVA.info offer assessments to anyone wishing to explore the IVA option.
During your IVA assessment we'll establish how your personal circumstances might be impacted by an IVA and whether an IVA is the right solution for you.
There's no charge for your consultation, there's no obligation to act on our advice and your enquiry will be held in the strictest confidence.
In our experience, most people do want to repay their debts, but are struggling with the size of payments expected of them. We simply explain how an IVA will allow them to do this.
Together we'll establish whether an IVA is the right solution, as there may be more than one solution available.
All our IVA advisers are specialists in all debt solutions, not just IVAs, which allows us to explore all the available solutions before we come to a conclusion.
If an IVA is the right solution, then your adviser will explain the IVA process in a clear way, and answer any questions you may have.
Applying For An IVA
If you think you qualify for an IVA and would like to discuss the next step of the process please call 0800 088 7502.
Alternatively, complete this form and we'll call you back at your preferred time.